Page 131 - RusRPTJul23

Russian oil exports in May 2023 decreased by 260,000 barrels per day to 7.8 mln barrels per day (bpd). At the same time, oil exports increased by 90,000 bpd to 5.2 mln bpd, and oil products fell by 350,000 bpd to 2.6 mln bpd, according to the report of the International Energy Agency (IEA).
Expected revenues from oil exports fell by $1.4 bln to $13.3 bln, down 36% from the same period last year.
In May, India and China accounted for around 56% of oil exports from Russia, Africa, the Middle East, and Latin America - for 12%.
The average oil price fell from $60 per barrel in April to $55 per barrel in May, the IEA said in a report.
The IEA also raised its forecast for global oil demand growth by 200,000 barrels per day (bpd) in 2023 to 2.4 mln bpd. Thus, the demand for oil in 2023, according to the agency’s forecast, will reach 102.3 mln bpd and will be 1 mln bpd higher than global production, which is projected at 101.3 mln bpd.
Russian oil companies boosted their gasoline exports by 37% between January and May compared to the same period in 2022, Russian daily
131 RUSSIA Country Report July 2023 www.intellinews.com